A New York City-based real estate investment and development firm making a big bet on the new federal Opportunity Zone program plans to renovate the 1020 Bolivar Road office building, formerly the home of Ohio Means Jobs, into what it terms creative office space.
Ian Ross, managing partner of Somera Road, said in a phone interview Wednesday, April 3, that his company plans to convert the four-story building, which has a parking garage on its ground floor, into “Very cool creative work space that is a good fit for employees and companies of all shapes and sizes.”Ross said Somera has registered the undertaking as an Opportunity Zone project under the 2017 Federal Tax Cut and Jobs Act and raised funds for it from multiple investors.
“You have massive apartment development in downtown Cleveland. A lot of downtown office space has been converted to apartments. We have also seen substantial movement downtown from the suburbs to downtown, from NRP Group to the new product group of Progressive Corp. This site is ideal for people who live downtown or who drive in from the suburbs to work.”Moreover, Somera’s acquisition of 1020 Bolivar Road included two adjoining parking garages at 1064 and 1124 Bolivar.
With an office portfolio of 6 million square feet, Somera has completed so-called “Creative office projects” in dozens of markets across the country.
“Most creative office space in the market,” Pietro said, “Is in destination locations such as the Flats or Warehouse District.” Moreover, the site is between downtown’s Historic Gateway and Playhouse Square districts, putting it “Smack between two dynamic neighborhoods,” he said.
The 1020 Bolivar Building and the adjoining parking lots Somera said it has acquired were previously owned by an affiliate of the Cleveland-based Frangos Group real estate firm.
Schagrin said the 16-story, 48 Erieview building is better suited to a single tenant, while 1020 Bolivar is suited to multiple tenants from law firms to tech firms relocating from traditional suburban office space.